(a)
- (1) Before any loan is made, the applicant shall execute an agreement specifying the purpose, amount, and manner of repayment of the loan.
- (2) The agreement shall be signed on behalf of the State by the Department of the Environment and shall be approved by the Board of Public Works.
- (3) To the extent not inconsistent with this Part II of Subtitle 4, a grant, loan, or loan guarantee agreement shall contain those conditions that the Secretary requires by regulation and that the Board of Public Works requires on a specific application for financial assistance.
(b) A State loan extended under this subtitle:
- (1) May not exceed $500,000 principal amount for each project or part of a project in any calendar year except as provided in subsection (c) of this section;
- (2) May not exceed the eligible cost of the project less the total of federal and State grants and federal loans;
- (3) Shall bear at least the same rate of interest as the most recent State general obligation bond sale preceding the date of approval by the Board of Public Works; and
- (4) Shall be repaid within 30 years.
- (c) The aggregate principal amount of all loans for each project or part of a project in any calendar year may not exceed $500,000 unless the Board of Public Works determines that extraordinary circumstances exist.
Added by Acts 1990, c. 187, § 2.